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Trust I00012172862013-06-262013-07-01false2013-02-28<b>JPMorgan Prime Money Market Fund<br/><br/>Class/Ticker: Service/JPSXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.00080.0060.00380.0030.00080.0106-0.00010.0105<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.6/30/14<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>10733658412931073365841293<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: <ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Service Shares shown is based on the performance of Class B Shares prior to the inception of the Service Shares. The actual returns of Service Shares would have been lower than those shown because Service Shares have higher expenses than Class B Shares.<br/><br/>To obtain current yield information call 1-800-766-7722 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.1-800-766-7722www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>0.00110.00320.02310.04150.04430.02120.00070.00010.00010.0001<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q 2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>1.12%</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2010</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b>2007-09-300.0112<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302010-12-312011-03-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-30000000000000000<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>The Fund&#8217;s year-to-date total return2013-03-3100.00010.00440.0134<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganPrimeMoneyMarketFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganPrimeMoneyMarketFundBarChart column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganPrimeMoneyMarketFund column period compact * ~</div>
<b>JPMorgan Prime Money Market Fund<br/><br/>Class/Ticker: Investor/JPIXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: <ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, </li><li>asset-backed securities, </li><li>repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations. </li></ul>The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share. </li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk. </li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br /><br />The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure. <br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions. <br /><br />Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Investor Shares shown is based on the performance of Morgan Shares prior to the inception of the Investor Shares. The returns of Investor Shares would have been different than those shown because Investor Shares have different expenses than Morgan Shares. <br /><br />To obtain current yield information call 1-800-766-7722 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q 2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>1.24%</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;and&nbsp;4Q&nbsp;2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2010</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.0.00660.00860.02810.04630.0490.0260.00250.00010.00010.0001The Fund&#8217;s year-to-date total return2013-03-310<b>Best Quarter</b>2007-09-300.01240.00080.0060.0038<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>0.0030.00082009-09-302009-12-312010-03-312010-06-302010-09-302011-03-312011-06-302011-09-302010-12-312011-12-312012-06-302012-09-302012-12-312012-03-310.0106-0.00010.010500000000000000107336584129310733658412930.00540.00690.02390.04120.03990.010800.00010000.00220.00080.01260.00430.00350.00080.0051<b>Best Quarter</b><b>Best Quarter</b><b>Best Quarter</b>2006-09-302006-12-312007-03-310.01090.01090.0109<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312010-03-312010-06-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-310000000000000052164285640521642856400.00010.00570.0166<b>JPMorgan 100% U.S. Treasury Securities Money Market Fund</b><br/><br/><b>Class/Ticker: Service/JTVXX </b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds and notes.<br/><br/>These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. The Fund does not buy securities issued or guaranteed by agencies of the U.S. government.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Service Shares shown is based on the performance of Reserve Shares and Morgan Shares prior to the inception of the Service Shares. The actual returns of Service Shares would have been lower than those shown because Service Shares have higher expenses than Reserve Shares and Morgan Shares.<br/><br/>To obtain current yield information call 1-800-766-7722 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;and&nbsp;4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>1.09%</b></td></tr><tr><td valign="top"></td> <td valign="bottom"></td><td valign="bottom" nowrap="nowrap">1Q 2007</td> <td valign="bottom"></td><td valign="bottom" nowrap="nowrap"></td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom" align="right"></td> <td valign="bottom" nowrap="nowrap"></td></tr><tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</td><td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">1Q&nbsp;and&nbsp;2Q&nbsp;2010</td> <td valign="bottom">&nbsp;&nbsp;</td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundINVESTORSHARES column period compact * ~</div>
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganPrimeMoneyMarketFundINVESTORSHARES column period compact * ~</div>
1-800-766-7722www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganPrimeMoneyMarketFundINVESTORSHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganPrimeMoneyMarketFundINVESTORSHARESBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganPrimeMoneyMarketFundINVESTORSHARES column period compact * ~</div>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Your actual costs may be higher or lower.<b>JPMorgan California Municipal Money Market Fund </b><br/><br/><b>Class/Ticker: Service/JCVXX </b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br />The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.<br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-California municipal obligations, subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements.<br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of California Obligations. Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its perform-ance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California&#8217;s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br /> There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. <br /><br />This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. There-fore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or California personal income taxes. Consult your tax professional for more information. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance data of Service Shares is based on the performance of E*TRADE Class Shares and Morgan Shares prior to the inception of the Service Shares. The actual returns of Service Shares would have been lower than those shown because Service Shares have higher expenses than E*TRADE Class Shares and Morgan Shares. <br/><br/>To obtain current yield information call 1-800-766-7722 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q 2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.76%</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q&nbsp;2010</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.1-800-766-7722www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>JPMorgan Prime Money Market Fund</b><br/><br/><b>Class/Ticker: Capital/CJPXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, </li><li>asset-backed securities, </li><li>repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations. </li></ul>The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share. </li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk. </li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br /><br />The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure. <br /><br />The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions. <br /><br />Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Capital Shares is based on the performance of Institutional Class Shares prior to the inception of the Capital Shares. The actual returns of Capital Shares would have been different than those shown because Capital Shares have different expenses than Institutional Class Shares. <br /><br />To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>Best Quarter</b>2006-09-300.0076<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312010-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31000000000000The Fund&#8217;s year-to-date total return2013-03-310<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.33%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.02%</b></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.03%.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>6/30/14The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return2013-03-310.0003<b>Best Quarter</b>2007-09-300.0133<b>Worst Quarter</b>2011-09-300.00020.00570.00690.01880.02910.02660.01150.01060.00010.01260.00050.03140.00010.0500.05270.02950.00540.00140.00110.001710733858813040.00080.00080.0060.00130.00390.00050.00080.0030.00210.0009-0.00030.01070.0018-0.00020.010518107653381155881304265186511502650.00240.00940.00170.00780.0195<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCaliforniaMunicipalMoneyMarketFund column period compact * ~</div>
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<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>JPMorgan 100% U.S. Treasury Securities Money Market Fund<br/><br/><b>Class/Ticker: Capital/CJTXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds and notes. <br /><br />These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. The Fund does not buy securities issued or guaranteed by agencies of the U.S. government. <br /><br />The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share. </li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li> The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund will only buy securities that present minimal credit risk. </li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Capital Shares is based on the performance of Institutional Class Shares prior to the inception of the Capital Shares. The actual returns of Capital Shares would have been different than those shown because Capital Shares have different expenses than Institutional Class Shares. <br /><br />To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;and&nbsp;4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.23%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q&nbsp;2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q&nbsp;and&nbsp;3Q&nbsp;2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return2013-03-310<b>Best Quarter</b>2006-09-300.0123<b>Best Quarter</b>2006-12-310.0123<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-12-312010-03-312010-06-302010-09-302011-06-302012-06-302012-12-312012-09-302011-12-312012-03-312011-09-302011-03-310000000000000.00930.01080.02790.04690.04550.01610.00060.0001000.00080.00130.00050.00080.0021-0.00030.00181865115265186511526500.00330.0156<b>JPMorgan New York Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: Service/JNVXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br /><br /> For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br /> The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br /> In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-New York municipal obligations, subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of New York Obligations. Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. As the nation&#8217;s financial capital, New York&#8217;s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br /><br />Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br /><br />Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or New York State or New York City personal income taxes. Consult your tax professional for more information. <br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br /><br />Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance data of Service Shares is based on the performance of E*TRADE Class Shares and Reserve Shares prior to the inception of the Service Shares. The actual returns of Service Shares would have been lower than those shown because Service Shares have higher expenses than E*TRADE Class Shares and Reserve Shares. <br/><br/>To obtain current yield information call 1-800-766-7722 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">4Q 2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.73%</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q&nbsp;2010</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.6/30/14Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.1-800-766-7722www.jpmorganfunds.comPast performance is not necessarily an indication of how the Fund will perform in the future.1073385881304<b>Best Quarter</b>2006-12-310.0073<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312010-03-312011-06-302011-12-312011-09-302012-03-312012-06-302012-09-302012-12-31000000000000The Fund&#8217;s year-to-date total return2013-03-3100.00350.00460.01710.02770.02660.01130.00010.00090.00010.00010.00080.0060.00390.0030.00090.0107-0.00020.010510733858813040.00010.00250.0088<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganNewYorkMunicipalMoneyMarketFund column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganNewYorkMunicipalMoneyMarketFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganNewYorkMunicipalMoneyMarketFund column period compact * ~</div>
<b>JPMorgan Prime Money Market Fund<br/><br/>Class/Ticker: Cash Management/JCMXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>0.00080.0050.00380.0030.00080.0096<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>983065311178983065311178<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li> <li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li> <li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li> <li>asset-backed securities,</li> <li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul> The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li> <li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li> <li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li> <li>The Fund invests only in U.S. dollar-denominated securities.</li> <li>The Fund will only buy securities that present minimal credit risk.</li></ul> The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/> The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/> Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/> Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/> Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/> Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/> When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/> Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/> Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/> Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/> Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/> Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/> Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/> Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/> Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>JPMorgan Prime Money Market Fund</b><br/><br/><b>Class/Ticker: Agency/VMIXX<b>The Fund&#8217;s Objective</b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>Fees and Expenses of the Fund</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.0.0008<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Cash Management Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. <br /><br />To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.0.00150.00080.0023The bar chart shows how the performance of the Fund&#8217;s Cash Management Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.0.0031-0.0005<b>YEAR-BY-YEAR RETURNS</b>0.00260.0030.00480.02360.04160.04440.02140.00070.0001<b>Example</b>0.00010.0001This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.27951693882795169388<b>The Fund&#8217;s Main Investment Strategy </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: <ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li> debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.12%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr><tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr><tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q, 3Q and 4Q 2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr><tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td></tr><tr><td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>0.00010.00440.0138The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amounts of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>Best Quarter</b>2006-12-310.0112The Fund&#8217;s year-to-date total return2013-03-310The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.0.00990.01190.03080.04890.05170.02850.00440.00060.00030.0009<b>Best Quarter</b>2007-09-300.0112<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-06-302009-09-302009-12-312010-03-312010-06-302010-09-302011-03-302011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-312010-12-31000000000000000<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.30%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.01%.<b>Best Quarter</b>2007-09-300.013<b>Worst Quarter</b>2011-09-300The Fund&#8217;s year-to-date total return2013-03-310.0001<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>YEAR-BY-YEAR RETURNS</b>0.00090.00690.0186<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundCASHMANAGEMENT column period compact * ~</div>
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6/30/14<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundAGENCYSHARES column period compact * ~</div>
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<b>JPMorgan Federal Money Market Fund</b><br/><br/><b>Class/Ticker: Agency/VFIXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide current income while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.00080.00250.00150.0010.0033-0.00070.0026<b>Example </b><b>JPMorgan 100% U.S. Treasury Securities Money Market Fund</b><br/><br/><b>Class/Ticker: Agency/VPIXX</b><b>The Fund&#8217;s Objective</b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>Fees and Expenses of the Fund</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.00080.0023<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>0.00150.00080.0031-0.00050.0026<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2795169388<b>The Fund&#8217;s Main Investment Strategy</b>279917841127951693882799178411<b>The Fund&#8217;s Main Investment Risks</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests its assets exclusively in:<ul type="square"><li>obligations of the U.S. Treasury, including Treasury bills, bonds and notes, and</li><li>debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest.<br/>The interest on these securities is generally exempt from state and local income taxes.<br/>The Fund is a money market fund managed in the following manner:</li><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Under normal conditions, the Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds and notes.<br/><br/>These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. The Fund does not buy securities issued or guaranteed by agencies of the U.S. government. The Fund is a money market fund managed in the following manner: <ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li> The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance</b>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>The Fund&#8217;s Past Performance </b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0.00920.01120.02970.04810.04980.0230.00190.000200.000100.0030.0151<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;and&nbsp;4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.27%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q&nbsp;and&nbsp;2Q&nbsp;2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b><b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>0.00010.0050.01720.00880.01030.02750.04580.04450.015100.000100<b>Best Quarter</b><b>Best Quarter</b><b>Best Quarter</b><b>Best Quarter</b>2006-12-312006-09-302007-03-312007-06-300.0120.0120.0120.012<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>JPMorgan Tax Free Money Market Fund</b><br/><br/><b>Class/Ticker: Agency/VTIXX</b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.<br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>The remaining 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax or the federal alternative minimum tax.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share. </li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk. </li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. <br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2Q and 3Q 2007</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.88%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td> </tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">1Q 2010</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> </tr> <tr> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">3Q and 4Q 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"></td> </tr> <tr> <td valign="top"></td> <td valign="bottom"></td> <td valign="bottom">1Q, 3Q and 4Q 2012</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"></td> </tr> </table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>YEAR-BY-YEAR RETURNS</b>The Fund&#8217;s year-to-date total return2013-03-310<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganHundredPercentageUSTreasurySecuritiesMoneyMarketFund column period compact * ~</div>
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<b>JPMorgan New York Municipal Money Market Fund</b><br/><br/><b>Class/Ticker: E*TRADE/JNEXX </b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.0.00080.0060.00390.0030.00090.0107-0.00070.01<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>1023335831299<b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br /><br />For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions. <br /><br />The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br /><br />In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. <br /><br />Up to 20% of the Fund&#8217;s total assets may be invested in non-New York municipal obligations, subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements. <br /><br />The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br />Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br /><br />General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br /><br />Risk of New York Obligations. Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. As the nation&#8217;s financial capital, New York&#8217;s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector. <br /><br />Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br /><br />Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br /><br />Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br /><br />In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br /><br />There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br /><br />Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.<br /><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or New York State or New York City personal income taxes. Consult your tax professional for more information.<br /><br />Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br /><br />Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. <br /><br />Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). <br /><br />Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br /><br />Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br /><br />Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br /><br />Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br /><br />Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s E*TRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of E*TRADE Class Shares is based on the performance of Reserve Shares prior to the inception of the E*TRADE Class Shares. The actual returns of the E*TRADE Class Shares would have been lower than those shown because E*TRADE Class Shares have higher expenses than Reserve Shares.<br/><br/>To obtain current yield information call E*TRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>0.00350.00460.01710.02770.02660.01130.00010.0010.00020.0002<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">4Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.73%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q&nbsp;2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q&nbsp;and&nbsp;2Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2006-12-310.00732009-03-312009-06-302009-09-302009-12-312010-03-312011-06-302011-09-302011-12-312012-03-312012-06-300000000000The Fund&#8217;s year-to-date total return2013-03-310<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>0.00020.00250.00896/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The Fund&#8217;s year-to-date total returnThe bar chart shows how the performance of the Fund&#8217;s E*TRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.2013-03-3101-800-ETRADE-1www.etrade.comPast performance is not necessarily an indication of how the Fund will perform in the future.6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<b>JPMorgan Prime Money Market Fund &#8212; Eagle Class</b><br/><br/><b>Ticker: JPEXX </b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>JPMorgan Tax Free Money Market Fund</b><br/><br/><b>Class/Ticker: Direct/JTDXX </b><b>The Fund&#8217;s Objective </b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>0.0008The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.<b>Fees and Expenses of the Fund </b>0.00250.0038The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.0.003<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>0.0008<b>JPMorgan Prime Money Market Fund<br/><br/>Class/Ticker: Premier/VPMXX</b>0.00710.0008-0.00010.00230.00150.0070.00080.0031-0.00010.003<b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.0.0008<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>0.0038<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>0.0030.000872<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b>0.0046226-0.0001394<b>JPMorgan Prime Money Market Fund</b><br/><br/><b>Class/Ticker: Direct/JMDXX</b>0.0045882319917339272226394882<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.31<b>JPMorgan Tax Free Money Market Fund &#8212; Eagle Class<br/><br/><b>Ticker: JTEXX </b>6/30/1499173<b>The Fund&#8217;s Objective </b>392<b>The Fund&#8217;s Main Investment Strategy </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>The Fund&#8217;s Objective </b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>The Fund&#8217;s Main Investment Strategy </b>The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.0.000846<b>Example </b>0.0023147This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.257<b>Fees and Expenses of the Fund </b>5780.00150.0008<b>The Fund&#8217;s Main Investment Strategy </b>0.0031-0.0001<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganNewYorkMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganNewYorkMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
0.003The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b>0.0008<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganNewYorkMunicipalMoneyMarketFundE*TRADECLASSBarChart column period compact * ~</div>
0.00250.00380.0030.0008<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganNewYorkMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
2009-03-312009-06-302009-09-302009-12-312010-03-312010-09-302011-03-312010-06-302011-06-302011-09-302012-03-312012-06-302011-12-312012-09-302012-12-310.0071-0.00010.007000000000000000The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li> debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul> The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul> The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure. <br/><br/> The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b><b>Example </b>Under normal conditions, the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.<br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. <br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.<br/><br/>The remaining 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax or the federal alternative minimum tax.<br/><br/>The Fund is a money market fund managed in the following manner: <ul type = "square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/> Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br/><br/> Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br/><br/> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/> Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. <br/><br/> Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br/><br/> When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price. <br/><br/> Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/> Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions. <br/><br/> Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br/><br/> Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br/><br/> Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br/><br/> Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br/><br/> Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br/><br/> Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><br/>3199173This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Direct Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Direct Shares shown in the table is based on the performance of Agency Shares prior to the inception of the Direct Shares. The actual returns of Direct Shares would have been lower than the returns shown because Direct Shares have higher expenses than Agency Shares. <br/><br/> To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.39246The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>147257<b>The Fund&#8217;s Past Performance </b>578This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Eagle Shares has varied from year to year over the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Eagle Class Shares shown in the table is based on the performance of Reserve Shares prior to the inception of the Eagle Class Shares. The actual returns of Eagle Class Shares would have been similar to those shown because Eagle Class Shares have similar expenses to Reserve Shares.<br/><br/>To obtain current yield information call 1-800-421-4184 or visit eagleasset.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>The Fund&#8217;s Main Investment Strategy </b><b>YEAR-BY-YEAR RETURNS</b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.<br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks.<br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.<br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments.<br/><br/>There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>0.00990.01190.03080.04890.05170.02850.00440.00050.0003The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li> high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li>repurchase agreements and reverse repurchase agreements, and</li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.<br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.0.00670.00010.0185This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Direct Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Direct Shares shown is based on the performance of Agency Shares prior to the inception of the Direct Shares. The actual returns of Direct Shares would have been lower than the returns shown because Direct Shares have higher expenses than Agency Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.0.0005<b>The Fund&#8217;s Main Investment Risks </b><b>YEAR-BY-YEAR RETURNS</b>0.00860.00990.02180.03220.03450.01950.00250.00040.00010.0001The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. <br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>To obtain current yield information, please call Devenir, LLC at 952-345-0300. Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return2013-03-31The bar chart shows how the performance of the Fund&#8217;s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0952-345-0300Past performance is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-300.00880.0088<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.19%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q&nbsp;and&nbsp;4Q&nbsp;2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q, and 4Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q,&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q,&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.0.0080.010.02880.0469<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.30%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q&nbsp;and&nbsp;2Q&nbsp;2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td><td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.0.04970.02650.00280.00010.00010.0001<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2011-03-312011-06-302011-12-312012-09-302012-12-312012-06-302012-03-312011-09-30000000006/30/14<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">4Q 2006</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q 2007</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="top"><b>&nbsp;</b></td> <td valign="top" align="right"><b>1.25%</b></td> <td valign="top" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">4Q 2009</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">1Q, 2Q, 3Q and 4Q 2010</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">1Q, 2Q, 3Q and 4Q 2011</p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q, 2Q, 3Q and 4Q 2012</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="top"><b>&nbsp;</b></td> <td valign="top" align="right"><b>0.00%</b></td> <td valign="top" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr></table> <br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The bar chart shows how the performance of the Fund&#8217;s Direct Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.<b>YEAR-BY-YEAR RETURNS</b><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>Worst Quarter</b>2010-03-3100.0055The Fund&#8217;s year-to-date total return2013-03-313100.007599173<b>Best Quarter</b><b>Best Quarter</b>3922006-12-312007-09-300.02620.04430.01250.01250.04710.024<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>Worst Quarter</b>0.00150.00010.0001<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>0.00010.00450.00010.01292009-12-312010-03-312010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302012-03-312011-12-312012-09-302012-06-302012-12-310000000000000<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>0.00010.00510.01556/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.6/30/14Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>The bar chart shows how the performance of the Fund&#8217;s Direct Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<b>Best Quarter</b>2007-09-300.013<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2010-03-312010-06-302011-03-312011-06-302011-09-302011-12-312012-12-31Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.0000000Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.The bar chart shows how the performance of the Fund&#8217;s Eagle Shares has varied from year to year over the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganNewYorkMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
1-800-421-4184eagleasset.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>0.00010.00590.0171The Fund&#8217;s year-to-date total return2013-03-3101023335831299The Fund&#8217;s year-to-date total return2013-03-310<b>Best Quarter</b>2007-09-300.0119<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-09-302009-12-312010-03-312010-06-302010-09-302010-12-312011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-3100000000000000<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundPREMIERSHARES column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganPrimeMoneyMarketFundPREMIERSHARES column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best Quarter</b></td> <td valign="bottom"> </td> <td valign="bottom">3Q and 4Q 2006</td> <td valign="bottom"> </td> <td valign="bottom"><b> </b></td> <td valign="bottom" align="right"><b>1.20%</b></td> <td valign="bottom" nowrap="nowrap"><b> </b></td></tr> <tr> <td valign="top"></td> <td valign="bottom"> </td> <td valign="bottom">1Q and 2Q 2007</td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"><b>Worst Quarter</b></td> <td valign="bottom"> </td> <td valign="bottom">1Q, 2Q, 3Q and 4Q 2009</td> <td valign="bottom"> </td> <td valign="bottom"><b> </b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b> </b></td></tr> <tr> <td valign="top"></td> <td valign="bottom"> </td> <td valign="bottom">1Q, 2Q and 3Q 2010</td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom"> </td> <td valign="bottom">1Q, 2Q, 3Q and 4Q 2011</td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom"> </td> <td valign="bottom">1Q, 2Q, 3Q and 4Q 2012</td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr></table> <br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.The Fund&#8217;s year-to-date total return2013-03-3101-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundDIRECTSHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganPrimeMoneyMarketFundDIRECTSHARES column period compact * ~</div>
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<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center"><tr><td valign="top"><b>Best Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 1px;">2Q and 3Q 2007</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0.88%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"><b>Worst&nbsp;Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 1px;">1Q 2010</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0.00%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3"><p style="margin-top: 0px; margin-bottom: 1px;">1Q, 2Q, 3Q and 4Q 2011</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top"></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="3"><p style="margin-top: 0px; margin-bottom: 1px;">1Q, 2Q, 3Q and 4Q 2012</p></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.<b>Best Quarter</b>2006-12-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTaxFreeMoneyMarketFundDIRECTSHARES column period compact * ~</div>
0.0127<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganTaxFreeMoneyMarketFundDIRECTSHARES column period compact * ~</div>
2010-03-312010-06-302011-03-312011-06-302011-09-302011-12-312012-03-312012-06-302012-09-302012-12-31<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganTaxFreeMoneyMarketFundDIRECTSHARES column period compact * ~</div>
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1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>72226394882<b>Best Quarter</b>2006-09-300.0127<b>The Fund&#8217;s Main Investment Strategy </b>Under normal conditions, the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. <br/><br/>The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. <br/><br/>For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. <br/><br/>In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. <br/><br/>The remaining 20% of the Fund&#8217;s total assets may be invested in securities subject to federal income tax or the federal alternative minimum tax. <br/><br/>The Fund is a money market fund managed in the following manner:<ul type = "square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </li><li>The Fund invests only in U.S. dollar-denominated securities. </li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>The Fund&#8217;s Main Investment Risks </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganHundredPercentageUSTreasurySecuritiesMoneyMarketFundAGENCYSHARES column period compact * ~</div>
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The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/> Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br/><br/> Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br/><br/>Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br/><br/>Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br/><br/>In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br/><br/> There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br/><br/>Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/> Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br/><br/> Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br/><br/> Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b><b>JPMorgan Current Yield Money Market Fund<br/><br/>Class/Ticker: Capital/JCCXX</b><b>The Fund&#8217;s Objective </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganFederalMoneyMarketFund column period compact * ~</div>
This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Eagle Shares has varied from year to year over the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Eagle Class Shares is based on the performance of Reserve Shares and Morgan Shares prior to the inception of the Eagle Class Shares. The actual returns of Eagle Class Shares would have been different than those shown because Eagle Class Shares have different expenses than Reserve Shares and Morgan Shares. <br/><br/> To obtain current yield information call 1-800-421-4184 or visit eagleasset.com. Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganFederalMoneyMarketFund column period compact * ~</div>
The Fund seeks to provide current income while maintaining liquidity and providing stability of principal.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganFederalMoneyMarketFundBarChart column period compact * ~</div>
<b>Fees and Expenses of the Fund </b><b>The Fund&#8217;s Past Performance </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganFederalMoneyMarketFund column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of<br/> the value of your investment)</b>0.00080.00530.01650.00050.0160.01730.0066-0.01550.00180.01840.02770.030.01510.0002<b>Example </b>The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.0.00030.00016/30/14<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>0.0002<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>1839379319120.00021839379319120.0032The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0.0102<b>The Fund&#8217;s Main Investment Strategy </b><b>JPMorgan Prime Money Market Fund</b><br/><br/><b>Class/Ticker: IM/JIMXX </b><b>The Fund&#8217;s Objective </b>The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.<b>Fees and Expenses of the Fund </b>6/30/14The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b>0.00080.000800.00080.0016Under normal market conditions, the Fund invests in high quality, short-term money market instruments that are issued and payable in U.S. dollars. The Fund principally invests in: <ul type="square"><li>repurchase agreements,</li><li>commercial paper,</li><li>debt securities issued or guaranteed by U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, and</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.</li></ul>Under normal market conditions, the Fund will maintain a maximum dollar-weighted average maturity of ten days or less.<br/><br/>The dollar-weighted average maturity of the Fund is the average of all the current maturities (generally, the current maturity is the term of the securities) of the individual securities in the Fund&#8217;s portfolio weighted by the market value of each security. Dollar-weighted average maturity is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Generally, the shorter the dollar-weighted average maturity the less time that is required to reflect interest rate changes in the yields produced by the Fund&#8217;s portfolio. Under normal circumstances, the Fund will purchase securities with a maximum final maturity of ten days. For purposes of calculating the dollar-weighted average maturity of the Fund and the maturity of each security in the Fund&#8217;s portfolio, the adviser may apply maturity calculation provisions under applicable regulation.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>The Fund&#8217;s Main Investment Risks </b>165290205165290205<b>The Fund&#8217;s Main Investment Strategy </b>The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. During periods of falling interest rates, the Fund expects to underperform money market funds that maintain longer dollar-weighted average maturities.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. There is a risk that the Fund may experience significant redemption requests during periods when interest rates are falling.<br/><br/>Concentration Risk. Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely.<br/><br/>Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>JPMorgan California Municipal Money Market Fund</b><br/><br/> <b>Class/Ticker: E</b>*<b>TRADE/JCEXX </b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in:<ul type = "square"><li>high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations,</li><li>debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities,</li><li> securities issued or guaranteed by the U.S. government, its agencies or instrumentalities,</li><li>asset-backed securities,</li><li> repurchase agreements and reverse repurchase agreements, and </li><li>taxable municipal obligations.</li></ul>The Fund is a money market fund managed in the following manner:<ul type = "square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br/><br/>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.0.0008<b>The Fund&#8217;s Objective </b><b>The Fund&#8217;s Main Investment Risks </b>0.006The Fund aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.0.0039This section provides some indication of the risks of investing in the Fund. The bar chart shows how performance of the Fund&#8217;s Capital Shares has varied from year to year for the past two calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.<b>Fees and Expenses of the Fund </b>0.003The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.0.0009<b>Example </b>0.0107This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundEAGLESHARES column period compact * ~</div>
-0.00070.01<b>The Fund&#8217;s Main Investment Strategy </b>The bar chart shows how performance of the Fund&#8217;s Capital Shares has varied from year to year for the past two calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.1-800-766-7722<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganPrimeMoneyMarketFundEAGLESHARES column period compact * ~</div>
Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganPrimeMoneyMarketFundEAGLESHARES column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganPrimeMoneyMarketFundEAGLESHARESBarChart column period compact * ~</div>
0.00020.001<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganPrimeMoneyMarketFundEAGLESHARES column period compact * ~</div>
The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security&#8217;s price.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/>Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. </p></div><b>The Fund&#8217;s Past Performance </b>Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. <br/><br/> For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.<br/><br/> The Fund generally invests in short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.<br/><br/> In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.<br/><br/> Up to 20% of the Fund&#8217;s total assets may be invested in non-California municipal obligations, subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum tax, such as taxable money market instruments or repurchase agreements.<br/><br/> The Fund is a money market fund managed in the following manner:<ul type="square"><li> The Fund seeks to maintain a net asset value of $1.00 per share.</li><li> The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to matu- rity will be 120 days or less.</li><li>The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul> The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. <br/><br/> The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.This section provides some indication of the risks of investing in the Fund. Because the IM Shares of this Fund have not been operated for a full calendar year, the bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.<br/><br/>The performance of IM Shares shown in the table is based on the performance of the Capital Shares before the inception of IM Shares, and is based on the performance of Institutional Class Shares prior to the inception of the Capital Shares. The actual returns of the IM Shares would have been different than those shown because IM Shares have different expenses than Institutional and Capital Shares.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.102<b>YEAR-BY-YEAR RETURNS</b>333<b>The Fund&#8217;s Main Investment Risks </b>58312990.01060.01260.03140.050.05270.02950.00540.0014<table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse;"><tr><td valign="top"><b>Best Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">3Q and 4Q 2012</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom"><b>&nbsp;</b></td><td nowrap="nowrap" valign="bottom" align="right"><b>0.03%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr><td valign="top"><b>Worst Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><p style="margin-top: 0px; margin-bottom: 1px;">2Q, 3Q and 4Q 2011</p></td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom"><b>&nbsp;</b></td><td nowrap="nowrap" valign="bottom" align="right"><b>0.00%</b></td><td nowrap="nowrap" valign="bottom"><b>&nbsp;&nbsp;</b></td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.02%.0.00110.00186/30/14The Fund&#8217;s year-to-date total return2013-03-310.0002<b>Best Quarter</b><b>Best Quarter</b>2012-09-302012-12-310.00030.0003<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3Q 2007</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1.33%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3Q 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.02%</b></td></tr></table><br/><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.03%.0.00080.00230.00152011-06-302011-09-302011-12-310.00080000.0031-0.00050.0026The Fund&#8217;s year-to-date total return2013-03-310.0003<b>Best Quarter</b>2007-09-300.0133<b>Worst Quarter</b>2011-09-300.00022795<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.0.0010.00070.0018Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.0.00782010-09-30Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.0.0195The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/> Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. <br /><br /> Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. <br/><br/> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/> Risk of California Obligations. Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California&#8217;s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. <br/><br/> Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. <br/><br/> Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some obligations, including municipal lease obligations, carry additional risks. <br/><br/> Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund&#8217;s investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement. <br/><br/> In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the obligations issued by the municipality and the value of the Fund&#8217;s investments. <br/><br/> There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Fund&#8217;s assets in obligations subject to state and/or federal income tax, or may hold any portion of the Fund&#8217;s assets in cash. <br/><br/> Geographic Focus Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by Securities and Exchange Commission (SEC) rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state&#8217;s municipal securities, the Fund&#8217;s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund. <br/><br/> Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. <br/><br/> Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or California personal income taxes. Consult your tax professional for more information. <br/><br/> Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/> Structured Product Risk. Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund. <br/><br/> Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. <br/><br/> Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. <br/><br/> Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. <br/><br/> Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. <br/><br/> Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. <br/><br/> Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><br/>0.00010.0025The bar chart shows how the performance of the Fund&#8217;s Eagle Shares has varied from year to year over the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.0.00951-800-421-4184This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s E*TRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of E*TRADE Class Shares is based on the performance of Morgan Shares prior to the inception of the E*TRADE Class Shares. The actual returns of the E*TRADE Class Shares would have been lower than those shown because E*TRADE Class Shares have higher expenses than Morgan Shares. <br/><br/>To obtain current yield information call E*TRADE Securities at 1-800-ETRADE-1 or go to www.etrade.com. Past performance is not necessarily an indication of how the Fund will perform in the future.eagleasset.comAlthough the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Past performance is not necessarily an indication of how the Fund will perform in the future.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>YEAR-BY-YEAR RETURNS</b><b>JPMorgan Current Yield Money Market Fund</b><br/><br/><b>Class/Ticker: Institutional/JCIXX </b><b>The Fund&#8217;s Objective </b>The Fund seeks to provide current income while maintaining liquidity and providing stability of principal.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.the bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0.00080.0171-800-766-77220.001Past performance is not necessarily an indication of how the Fund will perform in the future.0.0160.0178-0.0157The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.0.0021<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">3Q&nbsp;2006</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.76%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q 2010</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">1Q,&nbsp;2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.10233358312990.00570.00690.01880.0291<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.02660.01150.00010.0006<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCurrentYieldMoneyMarketFundCAPITALSHARES column period compact * ~</div>
0.0002<b>Example </b>0.0001<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCurrentYieldMoneyMarketFundCAPITALSHARES column period compact * ~</div>
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The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganCurrentYieldMoneyMarketFundCAPITALSHARESBarChart column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganCurrentYieldMoneyMarketFundCAPITALSHARES column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>224078171964<b>Best Quarter</b>222006-09-304070.00768171964<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-03-312009-06-302009-09-302009-12-312011-06-302011-09-302010-03-312011-12-312012-03-312012-06-302012-09-302012-12-31<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr> <td valign="top"><b>Best&nbsp;Quarter</b></td><td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q and 3Q 2007</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.77%</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2009</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" align="right"><b>0.00%</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q&nbsp;2010</td> <td valign="bottom"></td></tr> <tr><td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q&nbsp;and 3Q&nbsp;2011</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">1Q,&nbsp;2Q&nbsp;and 3Q&nbsp;2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td></tr> <tr><td valign="top"></td></tr> </table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.00%.000000000000<b>The Fund&#8217;s Main Investment Strategy </b>6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.169The bar chart shows how the performance of the Fund&#8217;s E*TRADE Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.3881-800-ETRADE-1www.etrade.comPast performance is not necessarily an indication of how the Fund will perform in the future.<b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-300.00770.0077<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2009-06-302009-09-302009-12-312010-03-312011-06-302011-09-302012-03-312012-06-302012-09-302011-03-310000000000Under normal market conditions, the Fund invests in high quality, short-term money market instruments that are issued and payable in U.S. dollars. The Fund principally invests in:<ul type="square"><li>repurchase agreements,</li><li>commercial paper,</li><li>debt securities issued or guaranteed by U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, and</li><li>securities issued or guaranteed by the U.S. government, its agencies or instrumentalities.</li></ul>Under normal market conditions, the Fund will maintain a maximum dollar-weighted average maturity of ten days or less.<br/><br/>The dollar-weighted average maturity of the Fund is the average of all the current maturities (generally, the current maturity is the term of the securities) of the individual securities in the Fund&#8217;s portfolio weighted by the market value of each security. Dollar-weighted average maturity is important to investors as an indication of the Fund&#8217;s sensitivity to changes in interest rates. Generally, the shorter the dollar-weighted average maturity the less time that is required to reflect interest rate changes in the yields produced by the Fund&#8217;s portfolio. Under normal circumstances, the Fund will purchase securities with a maximum final maturity of ten days. For purposes of calculating the dollar-weighted average maturity of the Fund and the maturity of each security in the Fund&#8217;s portfolio, the adviser may apply maturity calculation provisions under applicable regulation.<br/><br/>The Fund is a money market fund managed in the following manner:<ul type="square"><li>The Fund seeks to maintain a net asset value of $1.00 per share.</li><li>The Fund invests only in U.S. dollar-denominated securities.</li><li>The Fund will only buy securities that present minimal credit risk.</li></ul>The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.<br/><br/>The Fund&#8217;s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganPrimeMoneyMarketFundIMSHARES column period compact * ~</div>
<b>The Fund&#8217;s Main Investment Risks </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganPrimeMoneyMarketFundIMSHARES column period compact * ~</div>
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&#8220;Other Expenses&#8221; are based on estimated amounts for the current fiscal year.Because the IM Shares of this Fund have not been operated for a full calendar year, the bar chart shows how the performance of the Fund&#8217;s Capital Shares has varied from year to year for the past ten calendar years.The Fund is subject to management risk and the Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or interest rates are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Interest Rate Risk. Changes in short-term interest rates will cause changes to the Fund&#8217;s yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share. During periods of falling interest rates, the Fund expects to underperform money market funds that maintain longer dollar-weighted average maturities.<br/><br/>Credit Risk. The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Mortgage-Related Securities Risk. Mortgage-related securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility.<br/><br/>Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. There is a risk that the Fund may experience significant redemption requests during periods when interest rates are falling.<br/><br/>Concentration Risk. Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.<br/><br/>Foreign Securities Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization and regulatory issues facing issuers in such foreign countries. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely.<br/><br/>Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.<br/><br/>Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.<br/><br/>Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund&#8217;s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.<br/><br/>Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance.<br/><br/>Risk of Regulation of Money Market Funds. Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant to Securities and Exchange Commission (&#8220;SEC&#8221;) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect the Fund&#8217;s ability to implement its investment strategies and may impact the Fund&#8217;s future operations and/or yields.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past two calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.<br/><br/>To obtain current yield information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.0.00010.0007<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>The Fund&#8217;s year-to-date total return2013-03-310<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCaliforniaMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCaliforniaMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
72226394882<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCaliforniaMunicipalMoneyMarketFundE*TRADECLASS column period compact * ~</div>
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<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr> <td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom">2Q&nbsp;2012</td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.02%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">2Q,&nbsp;3Q&nbsp;and&nbsp;4Q&nbsp;2011</p></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr> <td valign="top"></td> <td valign="bottom">&nbsp;&nbsp;</td> <td valign="bottom" colspan="3"> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px">3Q and 4Q 2012</p></td></tr></table><br/>The Fund&#8217;s year-to-date total return as of 3/31/13 was 0.01%.0.00070.00042010-09-30<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTaxFreeMoneyMarketFundEAGLESHARES column period compact * ~</div>
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2795169388<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>The Fund&#8217;s Past Performance </b>6/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.0.00860.00990.02180.03220.03450.01950.00250.00070.00020.0001The bar chart shows how performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past two calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s year-to-date total return2013-03-310.0001<b>Best Quarter</b>2012-06-300.0002<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2011-06-302011-09-302011-12-312012-09-302012-12-310.00010.00460.012900000The Fund's year-to-date total return2013-03-310<b>Best Quarter</b><b>Best Quarter</b>2007-06-302007-09-300.00880.0088<b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b><b>Worst Quarter</b>2010-03-312011-09-302011-12-312012-03-312012-09-302012-12-310000006/30/14Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.1-800-766-7722Past performance is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganTaxFreeMoneyMarketFund column period compact * ~</div>
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<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganCurrentYieldMoneyMarketFundBarChart column period compact * ~</div>
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<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganFederalMoneyMarketFund column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>YEAR-BY-YEAR RETURNS</b>The performance of IM Shares shown in the table is based on the performance of the Capital Shares before the inception of IM Shares, and is based on the performance of Institutional Class Shares prior to the inception of the Capital Shares. The actual returns of the IM Shares would have been different than those shown because IM Shares have different expenses than Institutional and Capital Shares.The Fund's year-to-date total return2013-03-310The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of the Service Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.05% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Capital Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.18% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Service Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.05% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Service Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.05% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of the Agency Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.26% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of the Agency Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.26% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of E*TRADE Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.00% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of the Direct Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.30% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of the Eagle Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.70% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it. In addition, the Fund's service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.